Introducing: Banking Inside an ERP

Marg ERP Ltd. an India-based, Business solution provider, established in the year 2000, Over the years has evolved to become the leaders of ERP software for small businesses. With more than 800 + sales & support centres, Marg ERP has been a true leader in easing the way 9 lakh plus small businesses can work and automate their business activities & keep the focus on growing their business. The flagship product Marg ERP 9+ is termed as the most comprehensive and easy to use business solution for SMEs.

This integration aims to promote ‘Connected Banking’ and enables ICICI Bank’s current account holders to securely connect their bank account with the MARG ERP software and undertake an array of digital transactions from within the ERP platform itself. It will enable businesses to initiate vendor & salary payments via RTGS, NEFT or IMPS directly from this platform, automate reconciliation of banking and accounting entries, apply for working capital loans as well as schedule future dated payments, thereby offering exemplary command over day-to-day financial transactions for businesses.

This pioneering initiative significantly enhances convenience for MSMEs as they are no longer required to toggle between a banking platform and an ERP software to undertake their business transactions. It also allows them to experience contextual banking, by connecting their banking and accounting, which was once available only for large companies and corporations with large IT and infrastructure budgets.

 

Benefits it will bring for customers

Bring multiple payment modes for customers

Customers would now be able to seamlessly connect ICICI bank accounts with MARG ERP software for easy payments & would be able to do transactions with features like NEFT, RTGS, and IMPS 24*7 from within the software itself without going to banks portal.

 

Easily manage payments for vendors, expenses

Knowing your bank balance, upcoming payments coming to you and expenses you are going to incur, all at one place helps in managing your transactions in an easy way along with easy management of cash flow. Also, you don’t need to make advance payments and get your money stuck. Really makes managing you day to day transaction easy.

You can now automate all your payment system from GRN to payment release. The bank allocation feature now allows all the bank related work at your fingertips and eases the transaction and processing.

You can record and monitor multiple transactions in a single voucher and can get all the details of the transaction like the Amount, Date, specific mode of payment like NEFT, Cheque, DD, etc., giving a much clearer picture of the transaction. With these automated features you can also identify payment modes in the system.

 

Eliminate costly manual data entry mistakes with Auto Reconciliation:

Bank reconciliation is an important process that helps a business to cross verify its own books of accounts with the bank statement. The procedure provides a simple & error free method of reconciling your company bank book with the bank statement. You can import your bank e- statement from the bank to MARG ERP in excel or CSV format and click on reconcile button which leads to automatic reconciliation. You can also check any unaccounted transactions like bank charges or bank interests between bank statement and company books.

 

Faster and easier payment reconciliation

Connected banking with Marg ERP will now make reconciliation even easier as it will ensure a fast & accurate financial close cycle, improve cash visibility and also reduce potential fraudulent payouts.

 

Centralized account management

Centralized Account Management service is an account service which allows customers to transfer money between accounts of customer or between accounts of customer and Marg ERP maintained at ICICI bank. It will allow users to automatically transfer their money in multiple accounts and helping them to manage accounts easily as well as keep a control on revenue & expenditure of each member.

With ICICI Bank current account and Marg ERP software, small and medium businesses can now experience secured, connected banking which was only available to large corporates having expensive IT infrastructure.

For more information on the integration please visit-

http://www.margcompusoft.com/marg-icici-collaboration.html

https://www.icicibank.com/business-banking/cash-management-services/alliance-strategic-partner.page?#toptitle

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